Reality Drips In

By -

Greetings from it's-still-dark-outside Palo Alto.

I was pleased this morning to see that even with the completely manipulated bucket o' hokum from the government (that is, the jobs report), disappointment was the main course. With 80 positions (79 of them short), I have a vested interest in such things.

If the market were open today, I confess I'd be inclined to cover quite a bit of these, largely because 1370 has been my stated short-term target for a while. The low, as I'm typing this, was 1372 on the /ES, and that's about close enough for me.

I still think we could see 1350 in the coming weeks (and, yes, it's sad that I have these miniscule targets as my most ambitious goals, but the Fed isn't packed with fellow Methodists looking to help a brotha out). Obama and Bernanke will sell this country down the river until election day, so we have to be realistic and take our bearish morsels in small bites.

Facebook goes public next month, after all. They have to keep this house of cards standing for a while in behalf of kith and kin.